Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
And the answer was five to seven years.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
So the first million you add would take longer.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
Right, right.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
And you could keep going up from there.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
I also am talking to refiners.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
So Venezuela produces what is called heavy sour crude, which is a different sort of crude than in West Texas.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
They produce what's called light sweet crude.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
you refine them very, very differently.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
Now, it so happens that the refineries that were built to handle heavy sour crude are along the Gulf Coast.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
They're in Texas and Louisiana.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
And so we've got the capacity.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
I've been told that the Gulf Coast refineries could almost overnight refine an additional 250,000 barrels of the heavy crude from Venezuela.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
Now, interestingly enough, when I've asked the refiners, okay, what would the trade-off be?
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
What would the impact be, say, for West Texas producers?
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
The refiners, at least, were not that concerned about it, and they said, look, the other producers of heavy crude are Canada, and so the tar sands in Alberta, and I said, look, more Venezuelan crude would impact Canada, and actually Mexico.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
Mexico also produces similar crude to what Venezuela and Canada produce, and so
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
That, in terms of the impact, those are the tradeoffs, and that's the kind of decision-making the Trump administration is engaged in right now.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
So look, the Cuban regime has been a communist dictatorship since 1959.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
As you know, that for me is not some abstract statement because my family was directly involved in it.
Verdict with Ted Cruz
Oil Means National Security, Rep. Jim Jordan vs Jack Smith & Crime Crashes CoastātoāCoast Week In Review
My dad was a kid.